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The EU Market Abuse Directive: A Case-Based Analysis


Mathias M. Siems


Durham University - Durham Law School; University of Cambridge - Centre for Business Research



Abstract:     
Since the law on market abuse in EU countries has in recent years become predominantly European-based, it makes sense to address this area of law from a European point of view. However, there is, so far, no European case law on the new market abuse regime. This article therefore uses some hypothetical and real-world examples in order explain the main content and practical problems of the new law. First, it analyses the three main elements of the European market abuse regime, namely; insider dealing, ad-hoc-publicity and market manipulation. Subsequently, the limits to these provisions - including cross-border aspects - are addressed. The final part deals with enforcement issues, in particular the extent to which the law of the Member States remains important.

Number of Pages in PDF File: 27

Keywords: Market Abuse Directive, market abuse, market manipulation, insider dealing, insider trading, securities fraud, ad hoc publicity, buy-back programmes, European securities law

JEL Classification: G10, K14, K22, K42, N2

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Date posted: December 7, 2007 ; Last revised: December 3, 2008

Suggested Citation

Siems, Mathias M., The EU Market Abuse Directive: A Case-Based Analysis. Available at SSRN: http://ssrn.com/abstract=1066603 or http://dx.doi.org/10.2139/ssrn.1066603

Contact Information

Mathias M. Siems (Contact Author)
Durham University - Durham Law School ( email )
50 North Bailey
Durham, County Durham DH1 3ET
United Kingdom
HOME PAGE: http://www.dur.ac.uk/mathias.siems
University of Cambridge - Centre for Business Research ( email )
Top Floor, Judge Business School Building
Trumpington Street
Cambridge, CB2 1AG
United Kingdom
HOME PAGE: http://www.cbr.cam.ac.uk/people/siems.htm
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